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XS Financial Provides a $13MM CAPEX Lease Facility to Connected Cannabis

September 14, 2022, 07:17 AM
Filed Under: Cannabis

XS Financial Inc., a specialty finance company providing CAPEX and equipment financing solutions to cannabis companies in the United States, announced it has entered into a new lease agreement with Connected International Inc., a vertically integrated California operator with additional operations in Florida and Arizona.

Connected has been approved for a $13 million CAPEX lease facility, with an immediate drawdown of over $4.4 million for a sale-leaseback and to purchase equipment with up to 60-month terms. This equipment acquisition will enhance the capabilities of existing processing facilities and buildouts for their California and Arizona operations.

Greg Fodell, Vice President of Corporate Development of Connected International, said, “This non-dilutive financing will accelerate Connected’s ability to expand its highly sought products into new markets. Working with XS was seamless and transparent. We were able to unlock capital from existing CAPEX investments via their sale-leaseback program, and their internal procurement team provided significant value-add throughout the process. XS has proven to be a great partner.”

Antony Radbod, Chief Operating Officer of XS Financial, said, “We are pleased to support Connected as they continue their expansion in California and Arizona and believe this funding will be a catalyst for their next phase of growth. Connected is a highly recognized brand known best for their genetics and co-brand, Alien Labs. While the capital markets in our industry continue to be constrained, XS remains enthusiastic about the U.S. cannabis market, and supporting its operating leaders for all of their CAPEX financing needs.”

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